What is a Term Loan?
A term loan is a loan obtained from a bank or financial institution for a specific amount that has a specified repayment schedule and a fixed or floating interest rate. Term loans are typically repaid in regular installments (EMIs) over a set period, known as the tenure.
These loans are a popular form of financing for businesses and individuals to fund significant one-time expenses or investments. The funds can be used for a variety of purposes, providing the necessary capital to achieve long-term goals.
Common Uses for a Term Loan
Key Features of Term Loans
Understand the core characteristics that define a term loan and make it a reliable financing option.
Loans are offered for a specific period, ranging from short-term (1 year) to long-term (10+ years).
Interest rates can be either fixed for the entire tenure or float based on market rates.
Repayment is structured through Equated Monthly Installments (EMIs), ensuring predictability.
Can be availed with or without collateral, depending on the loan amount and borrower's profile.
Typically taken for a specific purpose like business expansion, asset purchase, or capital needs.
The interest paid on business term loans may be eligible for tax deductions.
Types of Term Loans
Term loans are categorized based on their repayment tenure to suit different financial objectives.
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